9 The new economic landscapeNetworks and marketsMarkets as networksNetwork externalitiesLiquidityBroad accessInterconnection requirementsNetworks as marketsAccess and capacity managementQuality of service delivery adjudicationTrust and identification infrastuctureMarketsNetmarketsNetworks

10 Electronic money Largely unsettled realm Make or break issueTechnologyEconomicsInstitutional set-upin the stateof fluxMake or break issueOntological:What and Why ?Definition and purpose of e-moneyWhat is the new ?

14 Anybody can issue e-currency …but who will clear and settleFuture of moneyThree scenariosPrivate currenciesCommunity currenciesLETSCorporate currenciesMSFT dollarDenationalised currencyHayekAnybody can issue e-currency…but who will clear and settle

15 Future of money Three scenarios Global currency: the geoLogical consequence of economic integration ?Symbolic valueTechnologically feasibleGlobal RGTSPolitically challengingMacro-economic convergenceEuro as a modelThe jury is still out

16 The future of money Three scenarios Market nexus DVCsValue and image of valueExtension of scopeCommoditiesFinancial instrumentsAsset classesEnviromental protectionSocial protectionMacromarkets

17 The future of money Three scenarios Displacement or coexistence ?Denationalised currencies and the geoCorporate currencies and DVCsCoexistenceDVCs and the geoLikely scenariosStrong DVC momentumGeo question will return

18 The future of money OpportunitiesAligning intangible economy and electronic moneyAllowing higher speed limit ?Vector of new products and servicesDeployment of new business modelsMulti-tier third party systemsMulti-revenue stream aggregationEasier capture of intangible value

20 The future of money Risks Wither central banks ?“ The key to any such development is the ability of computers to communicate in real time to permit instantaneous verification of the creditworthiness of counterparties. The realisation of this possibility would make money’s unique role, as the means of final settlement redundant. If final settlement could be made without recourse to the central bank’s money, the bank itself would cease to exist. Present monetary policy preoccupation with the need to limit money creation would give way to the more “technically neutral regulation” of the integrity of the computer systems that verify the creditworthiness of the counterparties’ assets.”Mervyn King, Bank of England

21 Future of money Critical challengesReconciling innovation and soundnessDefining new forms of governanceCo-opetitionNetworkingHarnessing and leveraging technologyCode as a regulatorFrom International Financial ArchitecturetoGlobal Financial Technology Infrastructure